ICA Exits RCO

Jun 21, 2013

ICA has agreed to sell its position in the Red Carreteras de Occidente (RCO) road concession to partner Goldman Sachs for MXP5.07bn ($379m), it says. The unloading of the 18.7% stake comes as the Mexican builder sells various assets in order to improve its liquidity position as its project backlog stalls. It will use proceeds to repay short term debt. “This is the result...